Chris Snyder

did that -- is the Q4 decline just a function of resi volumes turning lower versus Q3 because it still seems like there was a lot of tailwinds in the quarter

does the guide assume that Americas kind of get back to that target 35% or so incremental margin rate Q2 to Q4 once we have all the tariff revenue and the comp?

I just wanted to ask on price. I think the company in April was pushing surcharges for about $80 million of tariffs. Obviously, you guys are kind of now putting that number at $40 million. So like ...

if we kind of look at the guide, I guess it's up 150 bps at the midpoint, 4% organic from 2.5% organic. Price is one point of that, the $40 million

we've heard about like project paralysis on a lot of, I guess, be a new greenfield, with, you know, just uncertainty around price and cost

anything -- maybe that you could flag around the government exposure within institutional?

I think you said mid-single-digit millions for Americas resi, if I heard that right, so maybe like 2% to 3% kind of tailwind in the quarter

Can you talk about where we are on that? You know, Pharo, I think you guys said comes on mid teens EBITDA

it seems like on the math that Q1 margins would be down year on year again

Is this all data center power tied? Or are you seeing positive rate of change on more of the industrial kind of typically focused businesses?

I wanted to ask about the Q4 top line guide, up 10% but Q3 was up 11%

is it fair to say that generally, you think short cycle industrial has bottomed, and you've raised your organic growth expectations

did you start to already feel some of this cost pressure coming through in Q1

Do you think your channel partners plan for the same level of spring purchasing that they have done in prior years?

can you just maybe talk about the path to get there?

should we expect Americas margins down next year, just given how hard these first half comps are

how do you think about balancing the need to cover cost inflation, which is still evident versus just potential demand destruction

do you think that was just softer end demand? Was it maybe some more downstream inventory than expected?

do you think the channel will kind of continue to pull down inventory in the back half of the year?

is it also helping you win on the equipment side for some of the bigger applied projects, the stronger service offering

The $75 million or so that you guys kind of called out in Q4 as pre-buy. Did that come out in Q1

is there any concern around the consumer and the homeowner and maybe pushing a little bit more towards repair versus replace

I wanted to ask about Americas resi, which, I think, a bit stronger 35% this quarter

I thought earlier in the call, you were saying maybe there is more price coming into Q2 to combat the cost inflation. I don't know if that's just maybe the earlier action being realized in Q2. So j...

is the expectation that Q2 is kind of still in this 10% EPS growth mid-single-digit organic growth range

could you provide some color or thoughts on the order to revenue, I guess, conversion for the company?

What the guide calls for in volumes in the back half of the year and kind of how that compares to where volumes have been tracking out in the first half?

Are there any verticals where you're starting to see share shifts or maybe it's still too early for that?

has there been any challenges, that have come through, you know, related to the capacity expansion

is the ability to sell into both the white and the gray space becoming more important?

our math pegged Q2 up maybe in that 25% year-on-year range. So I guess, is this the right ballpark?

Can you maybe kind of talk about that, the implied step-up in growth as the year goes on?

has there been any change in the U.S. market competitive positioning here following Trump 2.0 tariffs

Could you just provide some color on Q1 performance. And then the comps are really tough, obviously, in data center this year

Are these lead times starting to come down? And when you look at the industry-wide capacity adds, do you think that's enough to meet demand?

the guide calls for, I guess, at the midpoint, about 6.5% organic in Q1 and then 8.5% the rest of the year

Does Q2 get worse before it gets better?

could you provide some color just on how material this potential next round of price to ask is?

do you feel like things in January are materially better or worse than they were three to six months ago?

Is this softer is there any impact here from that the producers are maybe just pushing less on you guys?

Do you think there was any pulling forward of inventory at the customer level?

are there contract manufacturers in Mexico that could take on some of this production?

the respective growth rates for Fluke versus the software businesses within iOS

is there anything metrics you could provide, whether it's around recontracting rates, new customer wins

is that just a function of a more difficult comp?

what gives you guys confidence that, you know, the North America healthcare spend, you know, can be supportive

Could you provide an update on EA Elektro? I would imagine that turning organic here in Q1 led to some of the pressure on PT organic

of that -- $160 million -- any way to think about how much of it is coming from price?

Are orders going higher in absolute terms? Because I know, you know, the the comps are negative

Was May in response to all the inflation we are seeing now between metal, freight, tariffs, everything? Could you provide any relative sizing for either of those two?

Could you talk about the impact that the leading on the price/cost—primarily on the private brands—had on Q1 gross margin?

could you provide the level of price embedded in the '26 guide? And then specifically, how much is wrapped from the intra-year actions in '25

I guess as the LIFO headwinds go away, does that 39% go to something closer to 40%

is that step down in Q4 to maybe zero just all because of these government contracts and the risk associated with that

Could you just kind of maybe talk about how that splits between the LIFO pressures

did you guys provide anything in the prepared remarks just around, how much price is flowing through from what's been announced to date

could GDP be a better benchmark to go volumes against? I mean, I wonder if some of the dislocation we're seeing

I just wanted to confirm that this is really just a reflection of your expectation for what you think the producers will ask for

Is there any color you could provide on back half margin expectation, just all the moving parts between the mix shift

Is the supply chain disruption that weighed on Aero growth in January and February, primarily a function of inability to ship because maybe some of your suppliers are struggling to keep up

Is R&D kind of at full run rate level now? And I know Arrow takes a long time to convert into sales

follow-up on some of the commercial OE contracting discussion. Just given the very long nature of these contracts

I wanted to follow up on the Industrial Automation portfolio. And specifically, I guess, the realignment

could you provide any color or comments on the data center exposure or opportunity there?

Building Automation. It's just been a really impressive turnaround here over the last year

should we assume that everything of size has been completed or announced at this point

The business has leading positions in process, building, and warehouse. You know, there's not much of a discrete presence

a pretty nice positive rate of change on some of the short cycle end markets. That have weighed on the company

Is the primary driver of the decision to view that a separation will unlock some of the parks value

is that basically all of your available capacity? Or if demand strength is sustained, is there opportunity to ship more this year?

should we expect the same thing into this next round of price increases

could you provide any color just on how price shook out in Q4?

is it fair to think that Q1 would be well ahead of that level?

it seems like the full year guide kind of calls for pricing to exit maybe in like the 5% range versus, I think you guys said 3% in Q3.

what specifically is kind of causing the utility back half to come in below?

can you just kind of remind us on that second price increase? When is it coming?

could you kind of tell us like where that price ultimately will go to in Q4 as we look out about a fully realized basis?

who are the main competitors, whether it's utility T&D, I guess, most specifically

is that implying that you guys are actually price/cost positive in the back half to offset the negative $30 million in the first half?

any way or visibility to determine kind of what's true demand, coming from the market versus potential tariff pre-buy

is there any way to size the headwinds in Q4 related to some of the year-end inventory availability or variability

did the Middle East have an impact on Q1 sales

is the expectation that the company will push more price in 2026 than what you thought coming into the year

was this more so driven by momentum in the short-cycle businesses? Or did some of the longer cycle orders in the backlog begin to convert

Could you provide some color on what is expected for the life science organic growth in 2026

will -- is the tariff headwind bigger next year than it is this year

Could you maybe provide some color or just numbers on how organic ITS orders came in by region

has there been any change in sentiment from international customers following the tariffs

have tariffs change the competitive positioning for you in the US market, whether it's some of your bigger competitors

Should we expect margins to be down year-on-year in Q1? Any color on that would be appreciated

Do you think that this was related to the U.S. election outcome and just the expectation that incremental tariffs are coming

how do you see underlying content shifting between the CDU, which I think would be on the positive side versus air handlers and chillers on the other side perhaps

It seems like there's not much sequential margin embedded in the guide. But typically, the company sees pretty nice sequential expansion

the company is already running above the industry, it seems like, on the gross margin line. So can you just kinda talk about entitlement there?

have you has there been any change from your perspective in the ability to kind of either recruit or retain service professionals?

is this more of a driver of share gain through the value add you're bringing to the customer? Or is it more of an opportunity to improve the incremental margin profile

how content changes on the move from air cooling to liquid cooling. I imagine the chiller opportunity is still as strong as ever

is there any color you could kind of talk about or provide as to how margins have expanded or the business has kind of driven operating leverage

Has there been any change in the competitive environment in data center versus two or three years ago?

any color on just the ability to make sure that installation is ultimately kind of being the engine that's driving the aftermarket

Is there a price protectionism in the event that we get more tariffs coming through here?

how much runway do you think there is for the company to kind of maintain this mid-single-digit organic growth

you guys are still calling for mid-single digit price, but it does sound like more is coming. So just maybe if you could kind of provide a little bit more nuance

The 2.5%, came in below what I was expecting just kind of based on some of the tariff wrap and then the metal inflation

do you think there is risk into 2026 that these incentives will remain misaligned just because, you know, as we move through the refrigerant transition

price across -- I imagine it's across the industry seems to be running a bit ahead of cost following the de-escalation. Are you confident that the industry will be able to retain all of this price

how much is the homeowner feeling of that today? Because it seems like that is still a bit on the horizon for them

if I kind of look at it next year, it's about a 2% headwind on a $5 billion plus revenue base

When do these surcharges take effect? I would imagine some point in Q2

you guys are calling for flat in '26, after 1% growth in '25. You know, when we look at the quarterly

I think you said December was up double digits. So with the quarter down 2%, I guess October November

I appreciate that. And if I could follow up on maybe competitive tailwinds that could support demand

I wanted to ask about back half organic growth to 2.5%, so up from the 1.5% in the first half

can you just kind of maybe talk about that mod conversion

what is the ability here to expand margins as we look beyond these programs and just kind of more on a core operational basis

is a lower retention rate have an impact on the rate of margin expansion in the Service business?

what do you think the market needs to see to start converting those orders? Is it visibility around tariffs? Is it interest rates?

is Service mix getting more favorable into the back half versus Q2? Because it seems like much of the uplift in growth from the 4% back to, I guess, something like 6% is driven by mod

are you seeing anything, you know, any green shoots or just, you know, kind of conversations with customers that give you optimism that those regions are, you know, returning to a better place of g...

is there any way to think about the quarterly cadence of that, I guess, just take the midpoint, you know, the $60 million tariff net impact

are Americas orders going higher in absolute terms or is this still primarily a function of comps?

are there spots where distributors might be building a little inventory in anticipation of a cycle

is there any structural reason why sales would not ultimately get to that same level of growth?

did the shorter cycle businesses also see positive rate of change on orders? And any color on the specific end marks

is there anything that you think will be worse a year from now where you're seeing signs that there is pointing to next 12-month deterioration?

when you look at North America industrial, the more cyclical pieces, do you feel like the cycle is starting to get better

I think if I heard correct that you said the book-to-bill was above the normal range. So if you could just confirm that

where are we in the self-help journey? When you guys look into '27 and '28, do you still see more opportunity on that front?

Are you still continuing to see positive momentum on more of the shorter cycle kind of products business

does it include any incremental cost-out opportunity?

Do you think that this is cycle momentum? Do you think this is a reshoring tailwind investment coming through? Do you think you guys are just gaining share

It just feels like we're getting awfully close to that 23.5% target

It seems like from the opening remarks that this was more of a revenue pull forward and not an order pull forward

I mean, I guess, are there headwinds on tariffs and that it's hard to get an incremental margin on a tariff?

is there an expectation that as visibility starts to come through, we could see more of these projects or announcements unlocking in the coming quarters?

Do you think that there was any positive impact of moving past the election?

Software and control margins, obviously, a real standout this quarter, up year on year despite double-digit revenue decline

anything you could comment around the competitive environment and specifically how you think the company is doing on share of new wins and new awards?

as the CapEx shifts into different end markets, is there anything that investors should be aware of on just the content?

I would imagine a lot of the Asian competitors in the market are seeing even a more significant tariff offset on that rollback. So just wondering, what does that mean to you guys around potential p...

It sounded like maybe that signaled there were some inventory that came out in Q2 from the channel. I guess, was that the correct takeaway?

it sounds like from the commentary that you guys view those as largely normalized but the guide does include some level of destock

any impact on your back half price expectations in response to that? And then just kind of maybe more broadly

are customers ordering with longer lead times than they were 6 or 12 months ago

are the attachment rates in that business better than they were, say, five or seven years ago

has there been an impact at all from changes in customer lead times? Are we starting to see customers order maybe with longer lead times again?

As the company adds technology and fixed assets to the service or aftermarket business, is there an opportunity for service incremental margins to improve

applied plus 100%, obviously, a pretty massive number and I know you can't continue to grow orders 100%, obviously. But is there anything in that, that feels onetiming

In the past, Dave, you've talked about maybe a 2-year rough lag between when the equipment starts driving service revenue

the Q2 order acceleration was really a standout, kind of 20% plus versus low to mid-single digit in the prior quarters

have customer conversations changed at all since the start of the year. In the channel, we're hearing more about some projects are moving slower

if you had to rank the reasons why Trane out grows, is that the efficiency of the equipment? Is it the breadth or the strength of the service offering?

Orders this quarter, high singles a bit better than last quarter, low singles, comp seems to be the same

service has now grown at a double-digit rate for the last three to four years. And Dave, I know you typically talk about high single-digit service growth

I wanted to ask about the transition to 800-volt architecture. There's a lot of moving parts, but just wondering what does this mean for Vertiv content?

how much visibility do these relationships afford Vertiv Holdings Co into the future workflow or architecture of these data centers

do you think the price conversations or negotiations versus the customers have changed versus a year ago

Is this only a function of tariffs and some of the inefficiencies discussed earlier? Or are there also headwinds from whether it be mix

What do you guys think is the best way for all of us to track liquid cooling demand in the market